It’s technically possible to file for bankruptcy without professional legal assistance, but there are significant advantages to hiring a Bankruptcy Attorney In Tacoma Wa. One of the main advantages is the time-saving aspect. Without a lawyer, the person filing for Chapter 7 or Chapter 13 must handle everything. That includes finding the appropriate legal documents, filing them with the court, and crafting a payment arrangement that will satisfy all the creditors if filing for Chapter 13. Contacting all the creditors also must be done. Many people find all this work to be overwhelming and out of their area of expertise.

Chapter 13 allows the individual to pay back his or her obligations within three to five years. Chapter 7, in contrast, involves liquidating assets to pay back as much money as possible, after which the individual is free and clear of those financial obligations. The Chapter 13 filer makes one payment each month to a bankruptcy trustee who distributes the payments to the creditors. All the creditors must agree to this arrangement before it can be implemented. A Bankruptcy Attorney In Tacoma Wa can handle these negotiations for the client instead of the individual having to take responsibility for doing so. Not every creditor is quick to accept such an arrangement, as the person filing for bankruptcy typically is already far behind on the original agreement.

In either type of petition, the amount of paperwork required is extensive. The individual must list all assets and liabilities and fill out standard legal documents correctly. A crucial point to remember is that even a small error in the petition to file for bankruptcy or in the filing process itself can derail the bankruptcy. In the meantime, all the companies trying to collect money can continue their efforts. They can continue to call every day and demand payments, and they can take legal action.

Once a bankruptcy petition is filed by a lawyer such as Rafal Gorski, Attorney at Law, all that activity must stop, as required by law. The person now has a second chance and can start over again without the financial stress he or she has been dealing with.

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